1862-S $20 MS(PCGS#8938)

1862-S $20 MS (PCGS#8938)

December 2025 Showcase Auction - The James A. Stack, Sr. Collection Part I

Lot Description: Outstanding condition rarity for this early San Francisco Mint double eagle issue. Vivid golden-rose surfaces exhibit full mint luster in a soft satin texture. Boldly struck and uncommonly well preserved for an issue that is typically offered in circulated grades.While the economic repercussions of the Civil War resulted in a sharp decrease in double eagle production at the Philadelphia Mint beginning in 1862, the San Francisco Mint remained busy churning out generous numbers of these coins. Records state that 854,173 examples were struck at the California facility. These coins circulated on the West Coast in an era in which they were not seen in commerce in the East and Midwest. Although less than 1/2 of 1% of the mintage for the 1862-S is extant, circulated examples exist in such numbers - Bowers (2004) says 2,500 to 3,500 pieces - that locating one should be relatively easy under normal market conditions. The same cannot be said for Mint State survivors, however, which exist to the extent of just 70 to 80 pieces. A fair number of the Uncirculated coins entered the market recently from shipwreck treasures such as those of the S.S. Brother Jonathan and S.S. Republic, although we stress that most examples recovered from those sources are circulated to one degree or another. As an attractive Mint State coin, this is a rare and significant find for the advanced double eagle collector.